President Donald Trump has declared that the extensive tariffs imposed by the U.S. on imports from Canada and Mexico are “on time” and will be implemented when the month-long suspension concludes the following week.
Speaking at a White House press conference, Trump confirmed that the postponed tariffs on the two U.S. trading partners would soon be reinstated.
“The tariffs are going forward on time, on schedule,” he stated.
The President asserted that the U.S. had been taken advantage of by foreign nations on just about everything, and he reiterated his intention to impose what he termed reciprocal tariffs.
“So the tariffs will go forward, yes, and we’re going to make up a lot of territory,” Trump affirmed.
On February 1, Trump formalised executive orders levying tariffs of 25% on products originating from Mexico and Canada, alongside 10% duties on Canadian energy.
Trump, a proponent of tariffs as both a negotiating tactic and a revenue stream, justified the orders by citing alleged failures by Mexico and Canada to effectively combat crime and drug trafficking at their respective borders with the U.S.
However, two days later, Trump suspended the new tariffs following separate pledges from Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau to strengthen their border control.
Announcing the new agreements on Truth Social on February 3, Trump stated that the tariffs on Canadian goods would be suspended for 30 days, while duties on Mexican imports would be postponed for one month. He indicated that during this period, his administration would engage in negotiations with Mexico and pursue a final Economic deal with Canada.
Trump also imposed 10% tariffs on Chinese imports and unveiled plans to implement reciprocal tariffs on American trading partners.
An anonymous source told Bloomberg that reciprocal tariffs, which would be assessed against all countries based on their individual tariff rates on U.S. exports, are still on track for implementation in April. Trump has said those duties could begin in early April. These tariffs could surpass the charges from other countries, as they will factor in subsidies, regulatory barriers, and value-added taxes.
Meanwhile, China has already responded with its own targeted tariffs on U.S. imports, raising concerns that a trade war between the two adversarial superpowers could escalate rapidly.
Similar apprehensions have arisen concerning Mexico and Canada, who are among America’s closest allies and primary trading partners. Prior to Trump’s suspension of tariffs on the two U.S. neighbours, both Trudeau and Sheinbaum announced intentions to introduce retaliatory tariffs on American imports.